SIT Land Holdings sells more agricultural land to stay afloat

SIT Land Holdings, a subsidiary Investment Trust, has had to sell more agricultural land in 2021 in order to boost revenue and stay afloat.

According to its Interim Financial Statements for the half-year ended 31 December just published, SIT Land Holdings said the additional sale of agricultural land generated an increase of 16% in revenue, from Rs17.6million in 2020 to Rs20.6million in 2021.

During the last six months of 2021, revenue has increased by 27% (Rs 37.8 M Dec. 2021; Rs 29.8 M Dec. 2020), the cost of sales has decreased by 8% (Rs 37.9 M Dec. 2021; Rs 41.3 M Dec 2020).

Its financial performance has turned from a loss of Rs 17.9million to a profit of Rs 12.9million.